Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,399/mo
Lowest payment- Down payment
- $148,156
- Funds due
- $162,281
- Interest + MI left
- $352,225
- First ends
- Mar 2045
Assumption
Assumption + second
$5,107/mo
+$708/mo- Down payment
- $60,156
- Funds due
- $75,574
- Interest + MI left
- $519,130
- First ends
- Mar 2045
New loan
New conventional
$4,508/mo
+$109/mo- Down payment
- $60,156
- Funds due
- $71,937
- Interest + MI left
- $818,708
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,843 | $451,843 | $539,843 |
| Second mortgage | — | $88,000 | — |
| First P&I | $3,520.00 | $3,520.00 | $3,737.76 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $216.39 | $216.39 | $107.97 |
| Taxes, insurance & HOA | $662.75 | $662.75 | $662.75 |
| Total housing payment | $4,399.14 | $5,107.21 | $4,508.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,156
Closing costs & prepaids$15,418
Usable credit−$0
Total buyer cash needed$75,574
Earnest money paid−$0
Remaining funds due$75,574
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,377.25
Initial HOA (3 months)$111.00
Prepaid interest, first (2 days)$160.93
Prepaid interest, second (2 days)$43.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing18 yr 4 moOf the original 20-year loan at 6.500%
Interest already paid$50,123Through Nov 2026
Assumption only · ends Mar 2045$352,225
Assumption + second · ends Mar 2045, second Dec 2056$519,130
New conventional · ends Dec 2056$818,708